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SMSF traps TRAPS TO AVOID WHEN INVESTING THROUGH YOUR SMSF It is no surprise that self-managed superfunds (SMSF’s) are strictly regulated, especially given the fact that a SMSF is a highly favourable tax environment.  A breach of the Superfund Act may result in severe penalties, some so severe you could lose almost half of yourRead more

SUPERANNUATION TIPS It seems like it was just yesterday when we where wishing everyone a Merry Christmas, Happy New Year and making our New Year’s resolutions. Now reality sets in, as we are now already in April 2016, there is just over 2 months until the end of the financial year! Like everything you needRead more

Well-informed employees can turn, what would have been an income tax liability, into extra super contributions by making use of a salary sacrifice arrangement. By agreement with your employer, you can have money paid into your super fund from your salary. These contributions to your superannuation fund are paid from your salary before income taxRead more

The ATO was in the news again recently because of a serious flaw in their software which left the records of taxpayers at risk. In this instance, multiple users of the same computer or device were able to retrieve the information of the person who had previously been logged in to MyGov. You can readRead more

If you have an Australian Financial Service Licence (AFSL), you might be aware that some of the documents you signed as part of your audit last year were a little different. This is because ASIC has amended the AFSL engagement audit report (Form FS71), not only once, but twice last year. The second amendment occurredRead more

EMBRACE CHANGE The other day my brother showed me a quote from Lou Holtz which goes like this ‘Don’t tell your problems to people: eighty percent don’t care, and the other twenty percent are happy you have them’. I think Lou might be right in his observations, so I then went onto the internet toRead more

  One of the very first questions you are asked on your tax return is: “Are you an Australian resident?”  It may seem an unusual or unnecessary question, but working out your tax residency is important to the ATO as they want to get this one cleared up early, it makes a big difference toRead more

BENEFICIARY NOMINATIONS To quote an oldie but a goodie. Ms Lane, a 5th grade math teacher asked her pupils. An SMSF member dies leaving a large superannuation balance of ten million dollars, he has a spouse and 5 children from a previous marriage. He has given the trustee of his SMSF a binding nomination –Read more

 – FAMILY HOME – Capital Gains Tax (CGT) –  TAMPERING WITH THE SACRED COW “Moo!” Or more like “Mooving house might be about to become more expensive” That’s the sentiment surrounding the recent announcement by independent think-tank the Australia Institute, which recommends scrapping the capital gains tax exemption on the family home. Home ownership isRead more

Accountants are always advising their clients to contact them prior to making any decisions. Once people hear this, they think ‘how much will it cost?’. They don’t think “how much will l save in the long run?”. So instead of calling us to get advice first, they make the decision on their own. Then laterRead more